According to the latest report by IMARC Group, titled "Battery Electrolyte Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global battery electrolyte market reached a value of US$ 8.54 Billion in 2021. Battery electrolyte refers to the solution or paste-like substances that generally releases ions when dissolved in a solvent for producing electricity. It is usually present inside a battery for transferring positively charged ions between the anode and cathode terminals. An electrolyte transports the required amount of chemical to cathode and anode terminals for converting stored energy into electrical energy. This process facilitates power to the connected devices, such as consumer electronics and electric vehicles (EVs). It can be characterized by weak and strong electrolytes; wherein weak electrolytes ionize partially and conduct a small amount of electric current whereas strong electrolytes completely ionize when dissolved in an aqueous solution and are characterized by high electrical conductivity.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Battery Electrolyte Market Trends:
The global market is primarily driven by the increasing adoption of consumer electronics among the masses. This is supported by the inflating disposable income levels of individuals and shifting lifestyle preferences across the globe. Coupled with the rising utilization of energy storage systems (ESS) across commercial and residential infrastructure, this is providing a boost to the market growth. Along with this, the escalating demand for electric vehicles (EVs) due to an enhanced focus on sustainable development is favorably impacting the market growth. Also, the increasing adoption of solar photovoltaic (PV) modules in an attempt to minimize carbon emissions is favoring the market growth. Furthermore, continual technological advancements in the production process of advanced electrolytes are considered to be major growth-inducing factors. Additionally, the rising utilization of battery electrolytes in the telecommunication and automotive industries and increasing investments in the development of power plant infrastructures across multiple countries are also driving the market growth. Other factors, including rapid urbanization and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 13.48 Billion by 2027, growing at a CAGR of
7.76% during 2022-2027.
- On the basis of the battery type, the market has been segmented into lead-acid, lithium-ion, flow battery and others.
- Based on the electrolyte type, the market has been segregated into liquid electrolyte, solid electrolyte, gel electrolyte, sodium chloride, nitric acid, sulphuric acid and others.
- On the basis of the end-user, the market has been classified into electric vehicle, energy storage, consumer electronics and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.Some of the key players are 3M Company, American Elements, BASF SE, GS Yuasa International Ltd., Guangzhou Tinci Materials Technology Co. Ltd., Johnson Controls, LG Chem Ltd., Mitsubishi Chemical Corporation, Mitsui Chemicals Inc., Shenzhen Capchem Technology Co. Ltd., Targray and Ube Industries Ltd.
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